The package will see €7 billion allocated to aid the recovery of the economy following the impact of Covid-19.
An employment support scheme, based on a similar scheme adopted by Angela Merkel in Germany, will be brought in to try keep people in jobs according to The Irish Times.
The Temporary Wage Subsidy Scheme will be sticking around for the foreseeable, with plans to relaunch it later this year as a long-term support.
Commercial rates for businesses will resume at the end of September, but the possibility of deferring the payment of PAYE and VAT is being considered. This would allow businesses to put-off paying some of their tax bill without being charged interest.
As the pandemic unemployment payment is phased out, it will be replaced by a €100 million back-to-work scheme to assist people placed on short-term work.
All schools will be allowed to apply for funding under the minor works scheme, which will allow work to be done to improve bathroom facilities and alter classrooms to improve hygiene and social distancing.
Small and Medium Enterprises' (SME) will also benefit, with an increase to the €10,000 restart grant currently available to them.
The much anticipated 'staycation' allowance will offer Irish people who holiday in Ireland the opportunity to claim back some of the money they spend on the holiday in the form of a tax credit or rebate.
It is hoped this measure will encourage people to stay in the country, in line with public health guidance, while also stimulating the local economy and tourism sector which was badly hit by the pandemic.
The allowance will offer €125 back if you spend in the region of €600 on accommodation, food and non-alcoholic drinks and will be valid from autumn to April 2021.
Capital spending on cycling and walking infrastructure will also increase, along with investment to town centres across the country.
As a means to bring in additional funds, an increase to Employers' PRSI is also being considered. Currently, 11.05% is charged on most earnings.
